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Mobile Payments

M-Pesa starts inter-bank money transfer service

Monday 24 March 2014 | 01:12 PM CET

Mobile Commerce Solutions (MCSL), a pre-paid/remittance provider with the M-Pesa platform, has started a pan-India inter-bank money transfer service by joining forces with the Immediate Payment Service (IMPS) of NPCI.

Under the terms of the partnership, an MCSL (M-Pesa) user can send money to customers of any IMPS-enabled bank using NPCI’s remittance platform.

The National Payments Corporation of India (NPCI) is the umbrella organisation of all retail payment systems in India, set up with the support of the Reserve Bank of India (RBI) and Indian Banks’ Association.

Immediate Payment Service (IMPS) is a remittance processing platform offered by NPCI that provides electronic funds transfer via mobile, internet or ATM between banks and pre-paid providers.

In recent news, GSM operator Vodafone India has rolled out its M-Pesa, a mobile wallet and money transfer service, for radio taxi operator TABcab in Mumbai.

 

More: Link
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